# L1 Capital Pty Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1817646. Source: https://holderbook.com/funds/1817646-l1-capital-pty-ltd/

- Reported value: $3.0B
- Positions: 24
- Weight of the ten largest: 82.7%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ELDORADO GOLD CORP NEW | [EGO](https://holderbook.com/stocks/EGO/) | $448.2M | 14,417,557 | 15.1% | 9 |
| NEXGEN ENERGY LTD | [NXE](https://holderbook.com/stocks/NXE/) | $328.7M | 34,992,263 | 11.0% | 21 |
| AMCOR PLC | [AMCR](https://holderbook.com/stocks/AMCR/) | $290.9M | 6,710,648 | 9.8% | 2 |
| EQUINOX GOLD CORP | [EQX](https://holderbook.com/stocks/EQX/) | $263.0M | 27,055,865 | 8.8% | 7 |
| CENTERRA GOLD INC | [CGAU](https://holderbook.com/stocks/CGAU/) | $259.0M | 16,337,154 | 8.7% | 2 |
| TREKOR METALS LTD | - | $238.7M | 34,687,011 | 8.0% | 1 |
| HUDBAY MINERALS INC | [HBM](https://holderbook.com/stocks/HBM/) | $235.5M | 9,977,133 | 7.9% | 1 |
| B2GOLD CORP | [BTG](https://holderbook.com/stocks/BTG/) | $182.7M | 48,837,914 | 6.1% | 1 |
| CRH PLC | [CRH](https://holderbook.com/stocks/CRH/) | $135.3M | 1,264,527 | 4.5% | 2 |
| OCEANAGOLD CORP | [OGC](https://holderbook.com/stocks/OGC/) | $79.1M | 3,157,907 | 2.7% | 1 |
| ANTERIS TECHNOLOGIES GLOBAL | [AVR](https://holderbook.com/stocks/AVR/) | $76.7M | 7,789,000 | 2.6% | 7 |
| ALCOA CORP | [AA](https://holderbook.com/stocks/AA/) | $74.9M | 1,435,645 | 2.5% | 1 |
| HDFC BANK LTD | [HDB](https://holderbook.com/stocks/HDB/) | $56.7M | 2,194,495 | 1.9% | 3 |
| NEWS CORP NEW | [NWS](https://holderbook.com/stocks/NWS/) | $56.0M | 1,995,900 | 1.9% | 4 |
| BUILDERS FIRSTSOURCE INC | [BLDR](https://holderbook.com/stocks/BLDR/) | $53.7M | 600,269 | 1.8% | 2 |
| AYA GOLD & SILVER INC | [AYA](https://holderbook.com/stocks/AYA/) | $39.3M | 2,074,017 | 1.3% | 1 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $35.2M | 2,634,319 | 1.2% | 2 |
| ISOENERGY LTD | [ISOU](https://holderbook.com/stocks/ISOU/) | $27.7M | 2,778,857 | 0.9% | 3 |
| IAMGOLD CORP | [IAG](https://holderbook.com/stocks/IAG/) | $24.0M | 1,512,374 | 0.8% | 5 |
| FERGUSON ENTERPRISES INC | [FERG](https://holderbook.com/stocks/FERG/) | $20.0M | 84,104 | 0.7% | 1 |
| ZILLOW GROUP INC | [Z](https://holderbook.com/stocks/Z/) | $15.7M | 499,342 | 0.5% | 5 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $13.0M | 49,972 | 0.4% | 1 |
| LITHIUM ARGENTINA AG | [LAR](https://holderbook.com/stocks/LAR/) | $11.3M | 1,369,956 | 0.4% | 1 |
| SIGMA LITHIUM CORPORATION | [SGML](https://holderbook.com/stocks/SGML/) | $9.7M | 767,428 | 0.3% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -8.4% | +14.8% | -23.2% | 89% |
| Q1 2026 | +6.3% | -4.6% | +10.9% | 100% |
| Q4 2025 | +18.2% | +2.4% | +15.8% | 100% |
| Q3 2025 | +23.7% | +7.8% | +15.8% | 129% |
| Q2 2025 | +20.1% | +10.5% | +9.6% | 100% |
| Q1 2025 | +7.0% | -4.6% | +11.6% | 141% |
| Q4 2024 | -1.1% | +2.1% | -3.3% | 106% |
| Q3 2024 | +3.7% | +5.4% | -1.7% | 101% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $3.0B | 24 |
| Q1 2026 | $2.5B | 22 |
| Q4 2025 | $1.9B | 20 |
| Q3 2025 | $1.6B | 19 |
| Q2 2025 | $1.7B | 30 |
| Q1 2025 | $1.1B | 14 |
| Q4 2024 | $1.2B | 14 |
| Q3 2024 | $1.2B | 11 |
| Q2 2024 | $1.1B | 9 |
| Q1 2024 | $1.2B | 10 |
| Q4 2023 | $1.1B | 12 |
| Q3 2023 | $1.2B | 12 |